New World Resources

NWR's Cash & Cash Equivalents fell 30.3% yoy to EUR 128 mil in 2014

By Helgi Analytics - April 2, 2020

New World Resources's total assets reached EUR 583 mil at the end of 2014, down 36.6% compared to the previous year. ...

Profit Statement 2012 2013 2014
Sales EUR mil 1,179 850 676
Gross Profit EUR mil 921 592 470
EBITDA EUR mil 218 -824 -172
EBIT EUR mil 50.5 -973 -258
Financing Cost EUR mil 47.4 88.2 -283
Pre-Tax Profit EUR mil 8.75 -1,117 25.2
Net Profit EUR mil -1.36 -970 -21.1
Dividends EUR mil 0 0 0
Balance Sheet 2012 2013 2014
Total Assets EUR mil 2,201 920 583
Non-Current Assets EUR mil 1,652 608 347
Current Assets EUR mil 549 312 236
Working Capital EUR mil 76.5 -22.5 -25.9
Shareholders' Equity EUR mil 758 -280 -160
Liabilities EUR mil 1,443 1,200 743
Total Debt EUR mil 818 809 409
Net Debt EUR mil 551 625 281
Ratios 2012 2013 2014
ROE % -0.180 -406 9.58
ROCE % -0.081 -83.9 -4.65
Gross Margin % 78.1 69.6 69.6
EBITDA Margin % 18.5 -96.9 -25.5
EBIT Margin % 4.28 -114 -38.1
Net Margin % -0.115 -114 -3.12
Net Debt/EBITDA 2.53 -0.759 -1.63
Net Debt/Equity 0.727 -2.23 -1.76
Cost of Financing % 5.43 10.8 -46.4
Valuation 2012 2013 2014
Market Capitalisation USD mil 1,361 347 5.18
Enterprise Value (EV) USD mil 2,088 1,209 346
Number Of Shares mil 265 265 265
Share Price CZK 97.8 24.7 0.420
EV/EBITDA 7.47 -1.10 -1.56
EV/Sales 1.38 1.07 0.397
Price/Earnings (P/E) -758 -0.246 -0.203
Price/Book Value (P/BV) 1.36 -0.898 -0.027
Dividend Yield % 0 0 0

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales EUR mil           1,117 1,590 1,632 1,179 850   ...
Gross Profit EUR mil           843 1,182 1,257 921 592   ...
EBIT EUR mil ...         5.84 294 278 50.5 -973   ...
Net Profit EUR mil ...         -61.6 233 129 -1.36 -970   ...
ROE % ...         -10.2 34.1 16.5 -0.180 -406   ...
EBIT Margin % ...         0.523 18.5 17.0 4.28 -114   ...
Net Margin % ...         -5.52 14.7 7.88 -0.115 -114   ...
Employees           16,044 16,306 18,046 13,324 12,607   ...
balance sheet                        
Total Assets EUR mil ...         2,216 2,258 2,374 2,201 920   ...
Non-Current Assets EUR mil ...         1,344 1,475 1,535 1,652 608   ...
Current Assets EUR mil ...         787 783 839 549 312   ...
Shareholders' Equity EUR mil ...         560 809 753 758 -280   ...
Liabilities EUR mil ...         1,655 1,449 1,621 1,443 1,200   ...
Non-Current Liabilities EUR mil ...         1,263 1,179 1,215 1,204 1,024   ...
Current Liabilities EUR mil ...         350 270 406 239 177   ...
Net Debt/EBITDA ...         2.70 0.691 0.848 2.53 -0.759   ...
Net Debt/Equity ...         0.862 0.396 0.512 0.727 -2.23   ...
Cost of Financing % ... ...       6.52 12.2 10.0 5.43 10.8   ...
cash flow                        
Total Cash From Operations EUR mil ...         247 362 382 217 -35.9   ...
Total Cash From Investing EUR mil ...         -239 36.3 -182 -227 -18.1   ...
Total Cash From Financing EUR mil ...         -58.5 -255 -64.0 -151 -20.1   ...
Net Change In Cash EUR mil ...         -50.5 143 137 -161 -74.1   ...
valuation                        
Market Capitalisation USD mil ... ... ... ...   2,329 3,761 1,829 1,361 347   ...
Number Of Shares mil ...         264 265 265 265 265   ...
Share Price CZK ... ... ... ...   163 271 136 97.8 24.7   ...
Earnings Per Share (EPS) CZK ...         -6.17 22.3 12.0 -0.129 -100   ...
Book Value Per Share CZK ...         56.1 77.4 72.4 71.9 -27.5   ...
Dividend Per Share CZK ... ...       5.57 13.4 3.19 0 0   ...
Price/Earnings (P/E) ... ... ... ...   -26.3 12.2 11.4 -758 -0.246   ...
Price/Book Value (P/BV) ... ... ... ...   2.90 3.50 1.87 1.36 -0.898   ...
Dividend Yield % ... ... ... ...   3.42 4.95 2.35 0 0   ...
Earnings Per Share Growth % ... ...       -119 -461 -46.4 -101 77,635   ...
Book Value Per Share Growth % ... ...       -13.0 38.0 -6.42 -0.739 -138   ...
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales EUR mil           1,117 1,590 1,632 1,179 850   ...
Cost of Goods & Services EUR mil           273 408 375 258 258   ...
Gross Profit EUR mil           843 1,182 1,257 921 592   ...
Staff Cost EUR mil           351 361 384 260 283   ...
Other Cost EUR mil ...         314 357 419 443 1,134   ...
EBITDA EUR mil ...         179 464 454 218 -824   ...
Depreciation EUR mil ...         173 170 176 167 148   ...
EBIT EUR mil ...         5.84 294 278 50.5 -973   ...
Financing Cost EUR mil ...         67.9 115 89.1 47.4 88.2   ...
Extraordinary Cost EUR mil ...         -4.12 -73.1 1.54 -5.67 55.9   ...
Pre-Tax Profit EUR mil ...         -57.9 252 187 8.75 -1,117   ...
Tax EUR mil ...         5.81 30.8 57.1 9.99 -146   ...
Minorities EUR mil ...         0 0 1.15 0.109 0   ...
Net Profit EUR mil ...         -61.6 233 129 -1.36 -970   ...
Dividends EUR mil ... ...       55.5 140 34.4 0 0   ...
growth rates                        
Total Revenue Growth % ...         -45.3 42.4 2.67 -27.8 -27.8   ...
Operating Cost Growth % ... ...       -16.8 7.97 11.9 -12.5 102    
EBITDA Growth % ... ...       -74.4 160 -2.19 -52.0 -479   ...
EBIT Growth % ... ...       -98.9 4,935 -5.52 -81.8 -2,027   ...
Pre-Tax Profit Growth % ... ...       -112 -535 -25.8 -95.3 -12,870   ...
Net Profit Growth % ... ...       -118 -479 -44.9 -101 71,349   ...
ratios                        
ROE % ...         -10.2 34.1 16.5 -0.180 -406   ...
ROCE % ... ...       -4.60 16.3 8.21 -0.081 -83.9   ...
Gross Margin %           75.5 74.3 77.0 78.1 69.6   ...
EBITDA Margin % ...         16.0 29.2 27.8 18.5 -96.9   ...
EBIT Margin % ...         0.523 18.5 17.0 4.28 -114   ...
Net Margin % ...         -5.52 14.7 7.88 -0.115 -114   ...
Payout Ratio % ... ...       -90.2 60.2 26.7 0 0   ...
Cost of Financing % ... ...       6.52 12.2 10.0 5.43 10.8   ...
Net Debt/EBITDA ...         2.70 0.691 0.848 2.53 -0.759   ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets EUR mil ...         1,344 1,475 1,535 1,652 608   ...
Property, Plant & Equipment EUR mil ...         1,158 1,281 1,354 1,477 534   ...
Intangible Assets EUR mil ...         162 162 148 143 204   ...
Current Assets EUR mil ...         787 783 839 549 312   ...
Inventories EUR mil ...         85.8 56.0 93.1 151 29.7   ...
Receivables EUR mil ...         150 198 203 130 89.4   ...
Cash & Cash Equivalents EUR mil ...         551 529 543 267 184   ...
Total Assets EUR mil ...         2,216 2,258 2,374 2,201 920   ...
Shareholders' Equity EUR mil ...         560 809 753 758 -280   ...
Of Which Minority Interest EUR mil ...         0 0 1.63 0 0   ...
Liabilities EUR mil ...         1,655 1,449 1,621 1,443 1,200   ...
Non-Current Liabilities EUR mil ...         1,263 1,179 1,215 1,204 1,024   ...
Long-Term Debt EUR mil ...         940 835 815 804 795   ...
Deferred Tax Liabilities EUR mil ...         102 119 117 111 0.814   ...
Current Liabilities EUR mil ...         350 270 406 239 177   ...
Short-Term Debt EUR mil ...         93.7 15.3 114 13.9 13.6   ...
Trade Payables EUR mil ...         237 205 219 205 141   ...
Provisions EUR mil ...         113 112 176 186 170   ...
Equity And Liabilities EUR mil ...         2,216 2,258 2,374 2,201 920   ...
growth rates                        
Total Asset Growth % ... ...       -1.51 1.93 5.13 -7.28 -58.2   ...
Shareholders' Equity Growth % ... ...       -13.3 44.5 -7.02 0.757 -137   ...
Net Debt Growth % ... ...       32.0 -33.6 20.0 43.1 13.5   ...
Total Debt Growth % ... ...       -1.34 -17.8 9.20 -11.9 -1.10   ...
ratios                        
Total Debt EUR mil ...         1,034 850 928 818 809   ...
Net Debt EUR mil ...         483 321 385 551 625   ...
Working Capital EUR mil ...         -1.46 49.0 76.4 76.5 -22.5   ...
Capital Employed EUR mil ...         1,342 1,524 1,611 1,729 586   ...
Net Debt/Equity ...         0.862 0.396 0.512 0.727 -2.23   ...
Cost of Financing % ... ...       6.52 12.2 10.0 5.43 10.8   ...
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit EUR mil ...         -61.6 233 129 -1.36 -970   ...
Depreciation EUR mil ...         173 170 176 167 148   ...
Non-Cash Items EUR mil ... ...       89.0 8.71 105 51.4 687   ...
Change in Working Capital EUR mil ... ...       47.2 -50.4 -27.4 -0.193 99.0   ...
Total Cash From Operations EUR mil ...         247 362 382 217 -35.9   ...
Capital Expenditures EUR mil ... ... ...     -246 -219 -193 -230 -109   ...
Other Investments EUR mil ... ... ...     6.44 256 11.6 3.57 91.2   ...
Total Cash From Investing EUR mil ...         -239 36.3 -182 -227 -18.1   ...
Dividends Paid EUR mil ... ...       -55.5 -140 -34.4 0 0   ...
Issuance Of Debt EUR mil ... ...       -14.1 -184 78.2 -110 -8.97   ...
Total Cash From Financing EUR mil ...         -58.5 -255 -64.0 -151 -20.1   ...
Net Change In Cash EUR mil ...         -50.5 143 137 -161 -74.1   ...
ratios                        
Days Sales Outstanding days ...         48.9 45.4 45.3 40.3 38.3   ...
Days Sales Of Inventory days ...         115 50.1 90.5 214 42.0   ...
Days Payable Outstanding days ...         316 183 213 290 200   ...
Cash Conversion Cycle days ...         -153 -87.7 -77.4 -35.4 -120   ...
Cash Earnings EUR mil ...         111 404 305 166 -822   ...
Cash Earnings Per Share CZK ...         11.2 38.6 28.3 15.8 -84.9   ...
Price/Cash Earnings (P/CE) ... ... ... ...   14.6 7.03 4.79 6.21 -0.291   ...
Free Cash Flow EUR mil ...         8.03 398 201 -9.67 -54.0   ...
Free Cash Flow Yield % ... ... ... ...   0.480 14.0 15.3 -0.912 -20.6   ...
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA % ...         -2.76 10.4 5.56 -0.059 -62.2   ...
Gross Margin %           75.5 74.3 77.0 78.1 69.6   ...
Employees           16,044 16,306 18,046 13,324 12,607   ...
Cost Per Employee USD per month           2,536 2,442 2,467 2,086 2,483   ...
Cost Per Employee (Local Currency) EUR per month           1,823 1,846 1,774 1,624 1,871   ...
Staff Cost (As % Of Total Cost) % ...         31.6 27.9 28.4 23.0 15.5   ...
Effective Tax Rate % ...         -10.0 12.2 30.6 114 13.1   ...
Enterprise Value (EV) USD mil ... ... ... ...   3,021 4,187 2,328 2,088 1,209   ...
EV/EBITDA ... ... ... ...   12.2 6.82 3.69 7.47 -1.10   ...
EV/Capital Employed ... ... ... ...   1.57 2.07 1.11 0.915 1.50   ...
EV/Sales ... ... ... ...   1.94 1.99 1.03 1.38 1.07   ...
EV/EBIT ... ... ... ...   372 10.8 6.03 32.2 -0.936   ...
Capital Expenditures (As % of Sales) % ... ... ...     22.0 13.8 11.8 19.5 12.8   ...
Sales of Coking Coal EUR mil           470 772 848 621 451   ...
Sales of Thermal Coal EUR mil           330 309 389 347 364   ...
Sales of Coke EUR mil           105 303 202 192 160 ... ...
Sales from Coal and Coke Transport EUR mil           114 124 132 118 ... ... ...
Sales Of Electricity EUR mil           0 0 0 0 ... ... ...
Sales of Coal and Coke By-Products EUR mil           37.0 35.0 37.0 38.0 ... ... ...
Mining Cost of Coal per Tonne EUR ... ... ... ...   66.0 71.0 82.0 71.0 78.0   ...
Mining Cost of Coke per Tonne EUR ... ... ... ...   84.0 70.0 60.0 54.0 55.0 ... ...
Production of Coal (kt) kt           11,001 11,443 11,247 11,206 8,800   ...
Production of Coke (kt) kt ...         843 1,006 770 680 627 ... ...
Sales of Coal Total (kt) kt           10,060 10,712 10,647 10,200 9,700   ...
Sales of Coking Coal (kt) kt           5,451 5,599 4,797 4,998 4,600 ... ...
Sales of Thermal Coal (kt) kt           4,610 5,113 5,849 4,727 5,100 ... ...
Sales of Coke (kt) kt ...         705 1,100 555 555 550 ... ...
Sales Price of Coking Coal per Tonne EUR           86.2 138 177 125 98.0   ...
Sales Price of Thermal Coal per Tonne EUR           71.6 60.5 67.0 74.0 56.0   ...
Sales Price of Coke per Tonne EUR           149 275 365 289 238 ... ...

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Dec 2013
Company Report

New World Resources Plc (NWR) is one of Central Europe's leading hard coal producers. The Company produces quality coking and thermal coal for the steel and energy sectors in Central Europe through its subsidiary OKD, the largest hard coal mining company in the Czech Republic. NWR has 374 mil tonnes of hard coal reserves. Strategically located within the region, NWR supplies to a blue chip customer base in the region, including ArcelorMittal, U.S. Steel, voestalpine, Dalkia, ČEZ, Verbund, Moravia Steel, and ThyssenKrupp. Headquartered in the Netherlands, NWR employs around 16 thousand people. NWR currently mines deep underground mines in the upper Silesian basin in the Czech Republic and has several development projects in both Poland and the Czech Republic. NWR is a UK Plc and a constituent of the FTSE Small Cap index, with additional listings in Prague and Warsaw

Finance

New World Resources has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2015, or of sales. That’s compared to -19.0% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were -95.0% and -20.1%, respectively when looking at the previous 5 years.

New World Resources’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 0.247x seen in the last 5 years.

Valuation

New World Resources stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price fell by 0% or -100% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.